What's new

Welcome

If you already have an account, please login, but if you don't have one yet, you are more than welcome to freely join the community of lawyers around the world..

Register Log in
  • We don't have any responsibilities about the news being sent in this site. Legal News are automatically being collected from sources and submitted in this forum by feed readers. Source of each news is set in the news and a link to its source is always added.
    (Any News older than 21 days from its post time will be deleted automatically!)

Jurist Switzerland firm pleads guilty to UK bribery charges in Africa oil scheme

Status
Not open for further replies.
  • Thread starter
  • Staff
  • #1

Dadparvar

Staff member
Nov 11, 2016
6,889
0
6
A subsidiary of Swiss multi-national commodity trading and mining firm Glencore Tuesday pleaded guilty in a UK court to seven counts of bribery. Glencore Energy (UK) Ltd admitted to bribing African oil officials to gain preferential access to oil.

The charges were initially raised as a part of a joint investigation with UK, US and Brazilian authorities. The UK’s Serious Fraud Office (SFO), part of the UK criminal justice system responsible for countering complex fraud, bribery and corruption cases, led the UK portion of the investigation. The SFO’s investigation revealed that employees and agents paid more than $28 million in bribes to oil officials in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea and South Sudan.

The Southwark Crown Court oversaw Glencore’s guilty plea. Glencore admitted to multiple counts of paying bribes to secure access to oil and generating illicit profit under the Bribery Act 2010. In total, there were five substantive charges under Section 1, dealing with bribes to other persons, and two charges under Section 7, pertaining to the corporate failure to prevent bribery.

Glencore also agreed to pay $40 million to settle Brazilian bribery allegations and $1.1 billion to the US Treasury for similar conduct. Dutch and Swiss investigators are also examining Glencore’s actions in the Democratic Republic of the Congo.

Glencore’s UK sentencing is scheduled for November 2 and 3 of 2022.

The post Switzerland firm pleads guilty to UK bribery charges in Africa oil scheme appeared first on JURIST - News.

Continue reading...

Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.
 
Status
Not open for further replies.
Top